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(N2) Primary Trend Remains Up


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FOREX: The JPY crosses trade marginally lower on the back of the latest round of
combative U.S.-China trade rhetoric. JPY liquidity was diminished owing to the
Japanese market holiday that is being observed today. NZD has been the
underperformer, possibly linked to the U.S.-China trade headlines, elsewhere NZ
services PMI slowed, but remained in expansionary territory, with -ve revisions.
- EUR's cause wasn't aided by a RTRS sources piece released late Friday, which
noted that "a handful of ECB policymakers urged President Draghi to strike a
more cautious tone on the economy in this week's policy message but were
ultimately won over." EUR/USD last $1.1635, a few pips higher on the day.
- GBP was relatively immune to the latest round of Brexit headlines. The Times
reported that the EU is preparing to accept a frictionless Irish border, while
the FT has reported that EU's Barnier is looking at options to "de-dramatise"
the Irish border situation, this comes in front of an EU meeting later this week
(some press reports have suggested that this meeting will give Barnier a mandate
to get a deal done). GBP/USD last $1.3080.
- ECB's Vasiliauskas, Coeure & Praet & final EZ CPI data headline on Monday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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